Experts worry a recession might be more than just mild, there could be factory closures or market volatility and challenges. Most expect the threat from China imports will be formidable, particularly with its electric cars.
If either of these projections look solid and healthy, they become less so when you remember the pre-coronavirus tally of 14.29 million sales in 2019. Much of the industry’s production is still geared to meeting a Western European market more than 3 million bigger than current expectations. In 2022, Western European sales fell 4.1% to 10.15 million. Western Europe includes all the big markets like Germany, France, Britain, Italy and Spain.
“If the market shrinks we don’t need so many plants. Some unpopular decisions will have to made,” Reuters quoted Tavares as saying, without adding any geographical details. , in a statement after it announced VW brand sales fell 6.8% in 2022 to 4.56 million, said the chip shortage was still ongoing and 2023 will remain volatile and challenging. Volkswagen brands include Audi, Porsche, SEAT, Skoda, Bentley and Lamborghini.The Volvo EX90, a new electric SUV, goes on sale in Europe this year. “As we peer into 2023 a true global production recovery remains elusive, while pricing and volume/mix continues to dominate the debate.
Philip Nothard, analyst at consultants Cox Automotive, forecast an uncertain year as production improves. Essential ingredients like cobalt, magnesium, platinum and lithium are becoming more expensive, which is particularly harmful for BEVs.
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